Comerica (NYSE:CMA) Price Target Raised to $56.00

Comerica (NYSE:CMA) had its price target hoisted by Piper Sandler from $54.00 to $56.00 in a research note issued to investors on Friday, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

A number of other equities research analysts have also issued reports on the stock. Stephens reissued an overweight rating and issued a $64.00 price target on shares of Comerica in a report on Friday, April 19th. Evercore ISI raised their target price on shares of Comerica from $55.00 to $58.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods dropped their target price on shares of Comerica from $60.00 to $58.00 and set a market perform rating for the company in a research report on Monday, January 22nd. Deutsche Bank Aktiengesellschaft began coverage on shares of Comerica in a research report on Wednesday, April 10th. They issued a hold rating and a $59.00 target price for the company. Finally, Morgan Stanley reaffirmed an equal weight rating and issued a $53.00 target price on shares of Comerica in a research report on Monday, April 22nd. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Comerica currently has a consensus rating of Hold and an average target price of $56.98.

Comerica Price Performance

CMA stock opened at $52.08 on Friday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. Comerica has a 52 week low of $28.40 and a 52 week high of $57.39. The firm’s fifty day moving average is $51.54 and its 200 day moving average is $49.66. The firm has a market cap of $6.90 billion, a P/E ratio of 10.35 and a beta of 1.27.

Comerica (NYSE:CMA) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same quarter last year, the firm earned $2.39 EPS. Research analysts predict that Comerica will post 5.16 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.71 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.45%. Comerica’s dividend payout ratio is currently 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction on Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares in the company, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,921 shares of company stock worth $630,693. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Large investors have recently made changes to their positions in the business. Spire Wealth Management increased its holdings in shares of Comerica by 95.9% in the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in Comerica during the 4th quarter valued at about $36,000. Fortitude Family Office LLC bought a new position in Comerica during the 4th quarter valued at about $36,000. FNY Investment Advisers LLC bought a new position in Comerica during the 4th quarter valued at about $50,000. Finally, Cullen Frost Bankers Inc. bought a new position in Comerica during the 4th quarter valued at about $51,000. 80.74% of the stock is currently owned by institutional investors.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.